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China has completed the fourth round of talks on tariff cuts with India, Sri Lanka, Bangladesh and Laos.

China has also undertaken market deepening initiatives that incentivize the private sector and stimulate its further development. Gupta said this also serves as "an automatic economic stabilization mechanism for the broader economy when the state sector is unable, due to budgetary tightening, to make the necessary public investments."

China has been Singapore's largest trading partner last year. Bilateral trade exceeded 0 billion in 2018.

China had nearly 1.58 million registered seafarers at the end of last year, the largest number in the world, according to the bureau's report. The figure reflected a 6.2 percent year-on-year increase.

China has made great efforts to cut the trade surplus. Focusing on expanding domestic demand, the Chinese government has intensified its economic restructuring via increased public investment and enhanced private investment in many aspects, with the aim to constantly expand its domestic market, said the report.